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Google’s parent company, Alphabet Inc., reported its fourth straight quarter of declining profits.
It made $76 billion in sales over the past three months, but it wasn’t enough to meet Wall Street’s expectations.
Google’s revenue was down 9% compared to last year, and its biggest business, Google Search, saw a 1% drop in revenue. Even YouTube’s advertising sales fell by nearly 8%.
Alphabet has decided to cut its workforce by 12,000 and expects to spend between $1.9 billion and $2.3 billion on employee severance costs.
This latest earnings report shows tech giants like Google are facing challenges in the current digital advertising landscape.
But Google’s CEO, Sundar Pichai, believes that the company’s long-term investments in AI will be a key factor in its future success.
In a press release, Pichai says he expects major AI advancements to be soon revealed in Google search and other areas:
“Our long-term investments in deep computer science make us extremely well-positioned as AI reaches an inflection point, and I’m excited by the AI-driven leaps we’re about to unveil in Search and beyond. There’s also great momentum in Cloud, YouTube subscriptions, and our Pixel devices. We’re on an important journey to re-engineer our cost structure in a durable way and to build financially sustainable, vibrant, growing businesses...
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